Bitcoin is moving in a range
Despite a worrying geopolitical context, the price of Bitcoin (BTC) is still evolving within a tidy Between $33,700 – $45,000 and fails to take a clear direction.
Bitcoin daily chart (h4)
Indeed, for several weeks now, the price of Bitcoin evolves horizontally, inside a rectangle that connects the high and low points of the market. Inside this flat market, we can nevertheless observe that the price has broken a low trendline important (in yellow), which previously served as support and who therefore should now act in resistance.
As we can see from the chart, the price of BTC broke a triangle (chart figure) from the bottomwhich technically triggers a objective at $31,712. So we should theoretically expect a return of the price to a minimum on the bottom of the range and then see if the price manages to bounce off that important support at $34,000to avoid going lower and potentially target a return to the top of the range.
If against all expectations, the price were to break the upper limit of the range, then we could however aim for a return of the price to $50,000.
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Ether still under resistance
Regarding the price of Ether (ETH), the scenario is exactly the same as for Bitcoin. Its price evolves within a tidy and recently broke a trianglewhich has triggered a price drop for several days.
Ether (ETH) h4 chart
Following the breakout of the figure in yellow, a goal at $2,086 was triggered. Of course, the bottom of the range at $2,230 can always support the price and allow a rebound, this is what we will have to watch. In any case, the cloud is resistance and could well cause in the next few hours a new rejection of the price towards the bottom of the range.
If, however, the price manages to return to the cloud in supportwe could consider a range break from above and trigger a bullish target at $4,000.
In conclusion
The cryptocurrencies are stuck in a tidy for several weeks and fail to take a clear direction. Unfortunately, the short term trend is bearishwith some bearish targets activated following triangle breaks.
On the upside as well as on the downside, the breakout of these ranges should trigger a volatile motion in the next few days on cryptocurrencies.
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About the Author : Tagado
Passionate about crypto-currencies since 2017 and fervent defender of knowledge sharing, I am a Youtuber, crypto analyst and regular trader. Every week, my role is to make you aware of technical analysis by giving you my point of view on the evolution of the price of Bitcoin and Ether, using my favorite indicators such as the Ichimoku as well as chartist patterns.
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